AgdaPkt 2003-06-23 - Laserfiche WebLink

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�'X - �z same meaning as used in the CRL. The recitals are by this reference incorporated herein and made a part of this Agreement. Section 2. Frublic Purpose The Agency and the College agree that the Project shall be undertaken for the common benefit of the parties hereto and the residents of the City in order to eliminate blight within the City and areas in or adjacent to the Project Area. Section 3 Aaencv Assistance and Co nditiona Precedent. a. The Agency hereby agrees that in order to assist the College with the Project, the Agency will, subject to the terms and conditions contained herein, provide the Agency Assistance, subject to the following conditions: (1) The Agency will reimburse the College for the amount of expenditures by the College towards permitted costs, as specified in Exhibit "A," up to a maximum of $79,753.99. (2) The Agency will make payments of the Agency Assistance upon submission by the College of evidence reasonably satisfactory to the Agency of the payment by the College of — permitted costs as identified in Exhibit "A ". (3) As a condition precedent to any disbursement of the Agency Assistance, the College shall submit to the Agency evidence reasonably satisfactory to the Agency that the College has entered into a lease of space within the Property and that the College has the resources to conduct the proposed program at that site. (4) With regard to any evidence required to be submitted to the Agency, the Executive Director of the Agency or designee shall approve or disapprove such evidence and /or documents in writing within fifteen (15) business days of receipt by the Agency of the documents and information required hereunder. If the documents or commitments are not approved or disapproved within said 15 days, the College may give written notice, in accordance with Section 15 hereof, that approval will be deemed to be given within seven (7) days after receipt of such notice. If the Agency fails to disapprove such documents or commitments in writing within the seven (7) day period, they will be deemed to be approved. The notice given by the College must specify the documents or commitments in question and must 3